Recession watch: Not so much happening in Las Vegas
If you're in the market for a Las Vegas vacation, now might be a great time. The Wall Street Journal recently reported (subscription required) that "Reacting to a national economic slump that has depressed gambling revenues and room rates along the tourist zone known as the Las Vegas Strip, casino and hotel operators are offering up a buffet of spring time deals normally reserved for the hot, slow summer months."
Room rates have fallen more than 20% through May 3rd. Conventioneers aren't staying as long as they used to, gaming revenue is down slightly, and it's easier to get in to A-list clubs than it used to be.
And if you're interested in making your stay in Las Vegas more permanent, property values there are "dive-bombing" according to the USA Today.
For investors, casino-related stocks have also taken a beating. Shares of Wynn Resorts are down more than 30% from their 52-week high. Atlantic City is also slumping, and shares of Trump Resorts have been under heavy pressure following the company's failed effort to find a buyer.